0
The beneficiary has no legal obligation to pay the bills solely in the name of the insured.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Will the insurance company pay the beneficiary if the beneficiary kills the insured?
Not if they found out.
May the policyowner change the beneficiary after the death of the insured?
Assuming you are talking about Life Insurance the answer is no. Once the insured is deceased, this will trigger the insurance company to pay the benefits to the beneficiary, and the policy will no longer exist. The owner no longer owns anything.
Can a beneficiary on life insurance refuse the responsibility?
It is not a question of refusing responsibility. The beneficiary is the person or institution designated to receive proceeds upon the death of the insured. He/she/it has no obligation to pay future premiums. However, the beneficiary is free to decline the proceeds in which case they will be paid to a contingent beneficiary listed in the policy; in none, the proceeds will be paid to the insured's estate.
How long does it take to get a settlement from life insurance companies?
On average a company has 60 to pay the settlement or notify the beneficiary if there are any problems concerning the settlement. If the beneficiary killed the insured person the company can refuse to pay.
What does deductible and coinsurance mean?
On a health insurance policy, a "deductible" is a specified amount which the insured/beneficiary must pay out of their own pocket, before their insurance will pay any covered medical services. After the deductible amount is met, a "coinsurance" is a percentage amount which the insured/beneficiary is responsible for. For example, if an insurance policy is an "80/20 plan", this means that the insurance company pays 80% of medical services, and the patient (insured) is responsible to pay the remaining 20% (coinsurance).
Are both parents entitled to the payout of life insurance if only one is named beneficiary?
I assume that you are referring to the unfortunate circumstance of the dealth of a child. An insurance policy, including a life policy, is a contract between the insured and the insurer. The insurer promises to pay a sum of money to or on behalf of the insured or his/her designee (the beneficiary) upon a determinable event (sometimes called a "contingency"). With a life policy, that event is the death of the named insured for a reason that is not excluded from coverage. The insurance policy will designate a beneficiary to whom the proceeds are payable. Therefore, absent other facts that you have not stated, the insurer will pay proceeds only to the named beneficiary.
What happens if there is no benificiary for a life insurance policy?
If there is no living beneficiary then the beneficiary becomes the estate of the insured. If there is a will the administrator of executor will have the benefits to pay for last expenses and then pay out as the State Law mandates. If there is no will the magistrate or probate court will assign an administrator or executor to handle these items.
Does a Will supersede A Life insurance beneficiary clause?
No, They are two separate legal documents with entirely different purposes. An insurance policy is a contract between the insured and the Insurance company. The insurance company is bound by the contract to pay the beneficiary designated by the insured policy owner. Life insurance proceeds are for the designated beneficiary. Heirs in a will are designated inheritance of estate by the will. A will is not a contract, it is a document of assignment.
Is a wife responsible for her husbands medical bills when he dies?
Indirectly she will pay for the bills. It is the responsibility of the estate to pay the bills and she will inherit whatever is left over.
Uninsured medical bills?
Should be turned into the company that is handling the uninsured motorist claim, (generally company that insured the 'insured' vehicle), they will most typcially wait to pay these bills until settlement is reached. If that didn't answer you question please expand it.
Can decreasing term life insurance be used to pay off a mortgage?
Not unless the insured dies. Then the death benefit can be used for whatever purpose the beneficiary chooses.
WHAT IF Residuary beneficiary owes money to estate?
The estate can require that the beneficiary pay the money back. Or they may offset the amount against what they get. If there is anything left over, there shouldn't be a reason to make them pay it back.
